ISM Import Sentiment Slows, Could Fall Further On 90 Day Tariff Ceasefire

U.S. business sentiment towards import orders fell in November to 53.6 from 54.5 (50 or above indicates expansion) while export order expectations were unchanged. The decline in import expectations is still a long way from contraction – import growth for goods reached 10.0% in October – though imports were likely flattered by front-loading of imports ahead of increased tariffs on Chinese exports in January. The trade war ceasefire reached by President Donald Trump and President Xi Jinping may, at least for 90 days, remove the need for such imports. As such it could worsen imp...